A short sale happens when the seller owes more on their home loan than the home is worth. Through a mutual agreement with the bank, they can sell the home and avoid foreclosure by listing their “underwater” home at a discount to buyers. While the seller can’t make any money off of the sale of the home, they can avoid bankruptcy, foreclosure, and a host of other nasty credit issues. The bank is usually happy to get a “bad” loan off their books, and the seller can walk away free and clear.
Each Short Sale opportunity is different, and for the best results we recommend contacting one of our experts directly at (703) 782-8100.